Anti money laundering compliance

By Suzanne Barlyn(Reuters) - Wall Street's industry funded watchdog fined the U.S. brokerage unit of Morgan Stanley <MS.N> $10 million on Wednesday for compliance failures in the firm's anti-money laundering programme, the regulator said.gi The Financial Industry Regulatory Authority (FINRA) said the lapses spanned more than five years, from January 2011 until April 2016.Morgan Stanley, which agreed to the fine as part of a settlement, did not admit nor deny FINRA's charges, but consented to the entry of the regulator's findings."We are pleased to have resolved this matter from several years ago," Morgan Stanley said in a statement. FINRA rules require brokerages to have policies and procedures in place to comply with a federal law aimed at detecting and curbing money laundering.A Morgan Stanley automated surveillance system did not receive important data from other Morgan Stanley systems, FINRA said. The lapse impaired the firm's overall tracking of tens of billions of dollars … [Read more...] about Morgan Stanley unit to pay $10 million fine for anti-money laundering violations

Oct 18, 2:56 AM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Ranjitha Shastry 10/18/18 AT 1:55 AM Chainalysis, a cryptocurrency compliance and investigations solution, announced in a press release Wednesday a collaboration with cryptocurrency exchange Binance. Chainalysis said it had completed "a global roll-out" of its compliance solution with Binance. This partnership aims to address hindrances related to cryptocurrencies, regulators, and traditional financial institutions."Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML [anti-money laundering] compliance programs to satisfy regulators globally and build trust with major financial institutions," said Jonathan Levin, co-founder and chief operating officer of Chainalysis.Chainalysis will provide Binance the … [Read more...] about Binance Increases Anti-Money Laundering Measures With New Partnership

DUBAI (Reuters) - A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing U.S sanctions. Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organisation which underpins regimes combatting money laundering and terrorist financing. It hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it. In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country, which has already been hit by the return of U.S. sanctions. Hardliners in parliament have opposed legislation aimed at moving towards compliance with FATF standards, arguing it could hamper Iranian financial support for allies such as Lebanon’s Hezbollah, which the United … [Read more...] about Iran anti-money laundering law faces challenge as deadline looms

PARIS (Reuters) – An international group that monitors money laundering worldwide said on Friday Iran had until October to complete reforms that would bring it into line with global norms or face consequences that could further deter investors from the country. Tehran has tried to attract foreign investors after completing a landmark 2015 agreement with the United States, Russia, China, France, Germany and Britain under which a number of sanctions were lifted in exchange for Iran agreeing to curbs on its nuclear program. Iran has been trying to implement standards set by the Financial Action Task Force (FATF), a global group of government anti-money-laundering (AML) and counter financing of terrorism regimes (CFT), in the hope it will be removed from a blacklist that makes some foreign investors reluctant to deal with it. “The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies,” the organisation … [Read more...] about Anti-money laundering body gives Iran until October to complete reforms

By Kirstin Ridley LONDON (Reuters) – Britain’s markets regulator has fined the UK division of India’s Canara Bank <CNBK.NS> 896,100 pounds ($1.2 million) and blocked it from accepting new deposits for around five months for systemic anti-money laundering (AML) failures. The Financial Conduct Authority (FCA) said on Wednesday that the control failures at the UK division of Canara Bank, India’s fifth largest state-run lender by assets, affected almost all levels of its business and governance structure, including senior management. The division’s AML risk management and governance framework had been not fit for purpose, risking undermining the integrity of the UK financial system – despite regulatory warnings since 2012 that its systems needed fixing, the FCA said. “Canara was warned its money laundering controls were inadequate and so its failure to remediate them properly is at the more serious end of the range of sanctions,” said … [Read more...] about India’s Canara bank fined in UK for anti-money laundering breaches